Corporations account for just 8% of tax breaks
(NEWSER) - Tax loopholes and write-offs for corporate jets and special interests may fill political talking points, but tax breaks for families—particularly the middle-class families that President Obama says he wants to protect—far exceed corporate giveaways, reports the Washington Post . In fact, corporations accounted for just 8% of $1.08 trillion in federal tax breaks last year (and corporate jets accounted for just 0.03%), while the middle class scarfed up the majority of the rest, in tax breaks that have doubled over the past 25 years. “The big money is in the middle-class subsidies,” says one economist. “You’re not going to balance the budget by eliminating ethanol credits. You have to go after things that really matter to a lot of people.” More»
